Standard Motor Products, Inc. Acquires Remanufacturing Operations of Pensacola Fuel Injection
NEW YORK, Jan. 6, 2014 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, announced today that it has acquired the assets of Pensacola Fuel Injection, a privately-held company, for approximately $12.2 million. The company, located in Pensacola, Florida, remanufactures and distributes a wide range of diesel injectors, diesel pumps and turbo chargers. The current owners will retain the retail segment of this business.
Mr. Lawrence I. Sills, Standard Motor Products' Chairman and Chief Executive Officer, stated, "Pensacola Fuel Injection has been our primary supplier for these products for several years. They have been an excellent supplier and we welcome them into the Standard family.
"Sales of diesel equipped light vehicles are projected to gain share in the North American market as vehicle manufacturers embrace technologies to increase fuel mileage. We are very pleased that we will now become a basic manufacturer in this important and growing product line.
"We believe the acquisition will be accretive to earnings in year one, excluding one-time integration costs."
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Standard Motor Products cautions investors that any forward-looking statements made by the company, including those that may be made in this press release, are based on management's expectations at the time they are made, but they are subject to risks and uncertainties that may cause actual results, events or performance to differ materially from those contemplated by such forward-looking statements. Among the factors that could cause actual results, events or performance to differ materially from those risks and uncertainties discussed in this press release are those detailed from time-to-time in prior press releases and in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q. By making these forward-looking statements, Standard Motor Products undertakes no obligation or intention to update these statements after the date of this release.
SOURCE Standard Motor Products, Inc.